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Cendant’s attempt to be all things to all people, has failed, and in its place will be 4 different companies specializing in their different segments of the marketplace; travel bookings, hotel properties, real estate, and rental cars. This will allow the different companies to concentrate on their core competencies, and allow the different segments to explore opportunities that are unique unto themselves.

From the Boston Herald:  One will take over Cendant’s hospitality businesses, including the Ramada, Howard Johnson and Days Inns hotel brands. The other three also will focus on a single area: real estate, including the Century 21 and Coldwell Banker brands; travel booking, including Orbitz, Galileo and Cheap Tickets brands; and the Avis and Budget car-rentals businesses.

      Of the four companies to be created from Cendant’s holdings, the real-estate services company will take with it the largest share of the conglomerate’s revenue - about 40 percent.

      That company, which will include the Century 21 and Coldwell Banker brands, will be headed by Richard A. Smith, who already leads Cendant’s real-estate services division, as CEO. Silverman, 65, will serve as non-executive chairman.

      Cendant has been working for more than a year to shed holdings that did not fit easily into real estate and travel categories - divesting itself of its tax preparation, mortgage and fleet management businesses, among others.

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